How Will the 39th GST Council's New Recommendations Affect Your Business?

Here are the top recommendations made by the GST council in its 39th Meeting under the chairmanship of Smt Nirmala Sitharaman.

1. GST rate on mobile is raised from 12% to 18%.
2. Interest on GST to be payable only on the cash liability, i.e., net tax liability instead of gross liability. This will be applicable from July 2017.
3. GST Annual return and Reconciliation statement due date is extended for FY 2018-19 from 31st March 2020 to 30th June 2020.
4. No late filing fees for turnover below Rs. 2 crore. This is applicable for FY 2017-18 and 2018-19 only.
5. E-invoicing is extended till 01.10.2020.
6. GSTR-1 and GSTR-3B are further extended till 30th September 2020 as per the existing style of filing.

However, this is not an exhaustive list of recommendations of the 39th GST council. One can find more details of the list at https://gstindianews.info (GST India news). It is a live blog on GST news and updates.

The recommendations from the 39th GST Council Meeting, chaired by Smt Nirmala Sitharaman, include significant changes that impact taxpayers and businesses. Here's a breakdown of the key recommendations:

1. GST Rate Increase: The GST rate on mobile phones has been raised from 12% to 18%. This change will have implications for both consumers and businesses in the mobile industry.

2. Interest Calculation: Going forward, interest on GST will be calculated based on the net tax liability rather than the gross liability, effective from July 2017. This adjustment aims to streamline the interest payment process for taxpayers.

3. Extended Due Dates: The due date for GST Annual return and Reconciliation statement for FY 2018-19 has been extended from 31st March 2020 to 30th June 2020. This extension provides businesses with more time to comply with the filing requirements.

4. Late Filing Fees Waiver: Small businesses with a turnover below Rs. 2 crore will not incur late filing fees for FY 2017-18 and 2018-19. This waiver offers relief to eligible businesses facing financial constraints.

5. E-invoicing Extension: The implementation of e-invoicing has been extended until 1st October 2020. This extension allows businesses additional time to adapt to the new invoicing system.

6. Filing Deadline Extension: The deadlines for GSTR-1 and GSTR-3B have been further extended until 30th September 2020, maintaining the existing filing format. This extension provides taxpayers with more time to complete their filings accurately.

For more detailed information on the complete list of recommendations from the 39th GST Council Meeting, you can refer to the https://gstindianews.info for comprehensive updates and insights. Stay informed about the latest developments in GST regulations to ensure compliance and smooth operations.